Transocean (NYSE:RIG) Stock Rating Upgraded by JPMorgan Chase & Co.

Transocean (NYSE:RIG) was upgraded by investment analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Friday, Marketbeat Ratings reports. The brokerage presently has a $5.00 price objective on the offshore drilling services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 24.38% from the stock’s previous close.

RIG has been the topic of a number of other reports. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Barclays dropped their price objective on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. Susquehanna reduced their target price on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Finally, Morgan Stanley lifted their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Transocean currently has an average rating of “Hold” and a consensus target price of $6.25.

Transocean Stock Performance

NYSE RIG opened at $4.02 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The firm’s fifty day moving average price is $4.30 and its two-hundred day moving average price is $4.83. Transocean has a 1 year low of $3.85 and a 1 year high of $6.88. The firm has a market capitalization of $3.52 billion, a P/E ratio of -5.36 and a beta of 2.75.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at $1,333,576.53. The trade was a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Perestroika bought 1,500,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were bought at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the transaction, the director now owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. This trade represents a 1.67 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. bought a new stake in shares of Transocean during the 3rd quarter worth approximately $157,000. Geode Capital Management LLC lifted its stake in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after purchasing an additional 680,242 shares during the last quarter. Abel Hall LLC acquired a new stake in shares of Transocean in the 3rd quarter valued at $65,000. Barclays PLC increased its stake in shares of Transocean by 60.1% in the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock valued at $6,902,000 after purchasing an additional 609,681 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Transocean during the 3rd quarter worth $46,000. 67.73% of the stock is owned by institutional investors.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.